Jamaica Water Properties * Introduction The case is about an accounting fraud that involves the Jamaica Water Properties‚ Inc. This fraud was discovered by David Sokol‚ who was at that time served as COO (Chief Operating Officer) of the Jamaica Water Properties‚ Inc. The main culprit was Ernest Grendi‚ JWP’s CFO‚ helped by several of the company’s senior accountants. Moreover‚ the company’s external auditor‚ Ernst & Young‚ seems to be involved as well. This case will show regarding the
Premium Big Four auditors Audit
Jamaica Water Properties A Case Study The case is about an accounting fraud that involves the Jamaica Water Properties‚ Inc. The fraud was characterized by misapplication of purchase method of accounting for acquisitions‚ recording fictitious assets‚ improper accounting for NOLCO‚ non-recording of appropriate allowances for uncollectible receivables‚ and misapplication of the percentage-of-completion method of accounting for long-term contracts. Ernest Grendi made the fraud possible‚ company
Premium Water supply Water Water resources
CASE 1.3 JAMAICA WATER PROPERTIES Synopsis This case focuses on David Sokol‚ an executive who has made a “name” for himself in recent years within the energy industries. After becoming recognized as a successful “turnaround” agent for troubled companies‚ Sokol was hired in 1992 to serve as the chief operating officer of JWP‚ Inc.‚ a large‚ New York-based conglomerate. At the time‚ JWP had an impressive history of sustained profits and
Premium Audit Auditing Internal control
Abigail Rockwell Due Date: February 15‚ 2014 Jamaica Water Properties Case Study During a time in our recent history when greed and self promotion was the benchmark that most financial and managerial directors of companies‚ both public and private‚ seemed to strive for‚ David Sokol stands out above the crowd. Instead of looking to further his own self-image‚ career‚ or standing‚ instead of taking what most people would view as the easy road‚ Mr. Sokol did the right thing. He chose ethics‚ morals
Premium Auditing Audit Auditor's report
Case 1.3 Jamaica Water Properties Prepared by Alex Gonzalez for Professor C.E. Reese in partial fulfillment of the requirements for ACC 540 – Fraud Examination School of Business / Graduate Studies St. Thomas University Miami Gardens‚ Fla. Term A7 / Fall‚ 2014 October 24th‚ 2014 Table of Contents Issues 1 Facts 1 Analysis 7 Conclusions/Recommendation 7 References/Bibliography 7 Issues 1. In David Sokol’s position‚ after discovering the suspicious items in JWP’s
Premium Fraud Big Four auditors Financial audit
Case 2 Jamaica Water Properties Table of Contents Issues………………………………………………………………………………..... 1 Facts………………………………………………………………………………….. 2 Analysis…………………………………………………………………………….... 11 Conclusion/Recommendations………………………………………………………. 17 Reference/Bibliography…………………………………………………………….... 19 Issue 1. After discovering the suspicious items in JWP’s accounting records‚ should he have taken a different course of action than he did? 2. What measures can and should be taken to make it easier for corporate
Premium Internal control Auditing Audit
The first property of water is that it is an excellent solvent. This is because of the chemical composition and physical attributes of water. Since water is polar‚ it allows water molecules to become attracted to different molecules. The attraction can be so powerful that it can disrupt the attractive forces of the different molecules. For example‚ water can be heavily attracted to salt that it can disrupt the forces that hold sodium and chloride‚ therefore dissolving it. The second property of water
Premium Water Oxygen Hydrogen
Properties of Water Lab # 1 Biology 111 January 23‚ 2011 INTRODUCTION With surface tension it is made possible for items such as paper clips to float on water‚ because a molecule within the mass of a liquid encounters gravity to all adjacent molecules in all directions. When you use surfactant substances this creates hydrogen bonds. Purpose of experiment 1 will be to show that once the surfactant substances hits the hydrogen bond pulls down paper clips. Things
Premium Water
Properties of Water Introduction: Water’s chemical description is H2O. As the diagram to the left shows‚ that is one atom of oxygen bound to two atoms of hydrogen. The hydrogen atoms are "attached" to one side of the oxygen atom‚ resulting in a water molecule having a positive charge on the side where the hydrogen atoms are and a negative charge on the other side‚ where the oxygen atom is. This uneven distribution of charge is called polarity. Since opposite electrical charges attract‚ water
Premium Atom Water Electric charge
water exists in liquid‚ solid‚ and gaseous states water referred to universal solvent ( bipolar molecule enables it to dissolve a wide variety of substances) ice floats ( temperatures drop molecules come together as a solid‚ elections repell (the molecules get less close thus making the ice have less density than water. If this did not occur ice could sink and destroy living organism. (sea animals) Thermal properties Water resist temperature change‚ due to high specific heat which in turn helps
Premium Water Liquid Atom